Leclanché - Shift to build-own-operate model proposed

Initial data on Leclanché’s FY19 performance shows the adverse impact of delays to the St Kitts stationary energy storage project and suspension of cell manufacturing during August which caused deliveries in the e-mobility segment to be delayed. The order book for delivery during FY20 and FY21 exceeds CHF90m, excluding the St Kitts project which management now intends to build under a ‘build-own-operate’ (BOO) model. Our estimates remain under review until there is greater visibility regarding this project.